Singapore boasts another Number 1

This post is mainly inspired by nofear's (Dr Huang Shoou Chyuan) posting and comments that followed. 

Chinese people loves gambling. Every Chinese knows that. bbqchickenwings used to gamble too. And during Chinese New Year, other than visiting relatives, it also became a time for Chinese to indulge in gambling which is 'permitted' during the 1st 15 days. Long queues are common in Singapore Pools outlets, especially on Wednesday, Saturday and Sunday. Some people have no qualms throwing hundreds or thousands of dollars betting with bookies Singapore Pools on football. But everyone has to know a limit, especially with our 2 integrated resorts coming up. We don't want people going to the casinos thinking they can earn a fortune. Unfortunately, Ho Ching went over the limit. 

It is reported that Temasek Holdings has lost a whooping S$58 BILLION from Apr 2008 to Nov 2008. The losses will probably be even more as they might have taken into accounts gains from selling our power companies for a combined $18.2 billion and a fund injection by MOF of $10 billion. Without disputing whether the losses are greater, lets proudly announce Ho Ching as number ONE. The number 1 person in the world to lose money at such a rapid rate. 

Last time when she was CEO of Singapore Technologies, she took a bet and lost about $630 million in Micropolis in almost 2 years. That equates to about $1 million a day. The signs of her talent were already emerging. Even then, Dhanabalan defended her in IHT's article titled -  Temasek's Chief, Ho Ching, likes to take risks:

Dhanabalan even referred to ST's purchase of disk drive maker Micropolis, which was liquidated soon afterwards with debts of 630 million Singapore dollars, saying Ho had had the courage to cut the losses.

Now as CEO soon-to-be-ex CEO of Temasek Holdings, her achievements were even better. 58 billion in 8 months. That equates to about $240 million a day, a 240 fold improvement. Surely she can lay claim to be number 1 in the world at losing money. (correct me if I am wrong because bbqchickenwings is too lazy to find out) She does not cut losses this time round, but steps down leaving a mess behind once again. 

Some say its not her fault. All due to external factors, extraordinary circumstances. But the fact remains that she is the one who makes the calls and this is public money we are talking about. She took a bet and the bet lost. Only in Uniquely Singapore can someone lose $240 million of public money a day for 8 months and there is no public demonstration. She doesn't have to be answerable for the losses. No public statements from her, no apologies. No apologies needed because no mistakes were made, all these were long-term investments. 

What to do? It has already happened. Let's move on. 

Ho Ching will be stepping down in October. Can we just put her in charge of some small SME? This may just be the boost Singapore's fledging SMEs need. A high-profile personality as their symbol. Singapore cannot afford her to set another new personal best. 

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Update

And why do Chinese like to gamble so much? It is in the genes, according to BBC, based on findings by researchers in Northwestern University. 

Excerpts: The Northwestern University team found two genes that regulate the hormones dopamine and serotonin could predict whether a person would gamble.

Specifically, people with the short serotonin transporter 5-HTTLPR were far more cautious than those with the long version.

Similarly, people with the 7-repeat allele of the dopamine DRD4 gene took more risks than those with other versions of the same gene. 

Take some Chinese and test for the genes! If true, maybe we can't blame Ho Ching after all. 

Even Ho Ching is joining the unemployed

Times are really bad when even Ho Ching, the 3rd most powerful women in Forbes' 100 most powerful women list is becoming unemployed come this October. 

Her post as CEO of Lee Holdings Temasek Holdings will be taken by Charles 'Chip' Goodyear. Her past achievements include assisting the demise of Thaksin Shinawatra with Temasek Holdings' purchase of Shin Corp, spectacular collapse of Micropolis, fallout of ABC Learnings and the bigger-than-budget, now smaller-than-peanuts, purchases of stakes in Merril Lynch, Barclays, Bank of China etc. Indeed, her wide-ranging talents and experiences will qualify her to be part of the A-team for the PAP in the next general elections. Some even want her to be our next president! 

I hope she can find a job soon, being a Singaporean. As people know about Singaporeans, we have 3 great characteristics. Kiasi (scared of death), Kiasu (scared of losing) and Mai Sia Suay (don't malu). How can our most powerful woman and 3rd most powerful in the world don't have a job. And cannot be any humpty dumpty job like selling bbq chicken wings. It must be a job that pays a competitive multi-million salary so that we can retain a talent like hers. If not our security will be at risk and Ho Ching might become a maid in other countries? 

Maybe she shouldn't work and retire early. Does the government welcome this? Their idea are for citizens to work and work until they drop dead. Active aging citizenry, always contributing to the economy. As a leader of our society, Ho Ching cannot retire also, she must set a role model for all young aspiring Singaporeans. I say she should become a financial planner. Help all Singaporeans plan their finances, rich or poor. But everyone must be prepared, the investments she make will have to take a long term view!

So can Mr. Charles 'Chip' Goodyear bring Temasek Holdings foward? bbqchickenwings don't know much about him la. bbqchickenwings think that it is recession now, so must find people who are cheap (chip) and good, even for Temasek CEO. Cannot find any talents in Singapore, so import another FT to take the job. I wish him luck, I really do. Its not so funny when your government reserves are dwindling and no knows how much.

The government gives John Thain $1.2 million to renovate his office and $30 PA increase to the needy

Remember that Temasek Holdings acquired a stake in Merril Lynch? The same Merril Lynch that merged with Bank of America and causing lots of trouble to America's biggest bank. You know what Merril Lynch do with the money?

This guy, John 'Super' Thain, is was the CEO of Merril Lynch when our Singapore money was poured into his firm. He has now quit his new job with BOA. The main reason was that he gave out an earlier-than-usual bonus to his Merril cronies employees just three days before the merger took place. Wonderful. His last great heroic act as CEO. This is despite the losses made by Merril Lynch and BOA that caused BOA to ask the government for help. 

So what happened to the money our government gave Merril Lynch? To renovate John Thain's office first of all. Nothing beats having a great office to give good 1st time impressions to all visitors. Look at what he spent on his office. 

He spent $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

• $87,000 for an area rug in Thain's conference room
• $44,000 for another area rug
• $25,000 for a "mahogany pedestal table" 
• $68,000 for a "19th Century Credenza" 
• $15,000 for a sofa
• $28,000 for four pairs of curtains
• $87,000 for a pair of guest chairs
• $18,000 for a "George IV Desk"
• $2,700 for six wall sconces
• $37,000 for six chairs in his private dining room
• $5,000 for a mirror in his private dining room
• $13,000 for a chandelier in the private dining room
• $11,000 for fabric for a "Roman Shade"
• $16,000 for a "custom coffee table"
• $35,000 for a "commode on legs" aka toilet?     
• $24,000 for "Regency Chairs"
• $5,000 for 40 yards of fabric for wall panels
• $1,400 for a parchment waste can aka dustbin?

I guessed Temasek Holdings was 'wowed' by his office when they decide to feed him money for bonuses. Make that a BIG WOW

Looking at all the moneys he spent, you know what? I should have become an interior designer. 

 

This is a commode? Good to eat as you shit, I suppose.